Bloomberry Resorts Corp., the casino and resorts business of tycoon Enrique Razon Jr., posted a 6 percent increase in gross gaming revenue in 2024, totaling P61.7 billion, compared to P58.3 billion in 2023.
Net income last year, however, dropped significantly to P2.6 billion from P9.5 billion in the previous year. This decrease was mainly attributed to a one-off Gross Receipts Tax charge and the increased financial burden from SN’s ongoing development.
The GGR growth was primarily driven by the success of Solaire Resort North, which contributed significantly during its first 221 days of operation, with SN generating P8.4 billion in GGR.
Bloomberry saw strong performance in the mass market segment, which grew by 19 percent, outperforming the VIP market. Mass table games and electronic gaming machines at both properties bolstered GGR, while VIP gaming continued to face challenges. Bloomberry’s fourth-quarter GGR rose by 17 percent year-over-year, totaling P16.2 billion.
Despite the revenue growth, Bloomberry’s consolidated earnings before interest, taxes, depreciation and amortization declined by 14 percent to P16.6 billion, primarily due to higher depreciation and interest expenses linked to SN, along with pre-operating costs.
In the fourth quarter, Bloomberry experienced a net loss of P920.2 million, compared to a profit of P1.3 billion in the same period in 2023. The company also reported a decline in Basic Earnings per Share (EPS) for 2024, down to P0.242 from P0.867 in 2023.
Bloomberry chairman and chief executive officer Enrique K. Razon Jr. acknowledged the challenges faced by the company, especially in the VIP and premium mass market segments. However, he expressed confidence in SN’s ongoing growth, noting the resort’s potential to further expand its market share in the Greater Manila Area.
“Solaire North continues to gain traction in daily foot traffic and revenue. We believe that our second property’s exceptional world-class offerings are well-suited for the demand environment in the northern portions of the Greater Manila Area and gives us a distinct advantage over the competition within the Integrated Resort space,” Razon said.
